More than ever we are finding that a mortgage banker has many more options to finance a purchase than a direct lender such as a bank, mortgage company or credit union. Just in the past few days we had 2 loans approved that had been rejected at a local direct lender.
The first was an FHA loan for a Wauwatosa home that Bank of America will not approve due to issues on the condition report which the buyer was accepting. Our preferred mortgage Banker Netcentral Mortgage placed the loan with a lender that does not require the condition report.
The second buyer was not getting approved for a Waukesha condo at Westbury Bank due to an association assessment. Again Netcentral Mortgage was able to place the loan with an underwriter that accepted the assessment restriction.
We suggest to buyers to avoid hassles, delays and even rejection of their loan by using a reputable mortgage banker. Mortgage bankers work with multiple lenders and know which underwriter will approve what. Furthermore, a mortgage bankers oftentimes have better rates or closings costs as different banks compete for loans. Netcentral Mortgage has beat or reduced closing costs for many buyers over the years.
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